Important Dates & Tax Changes for 2017

  • January 17 – Final installment of 2016 individual estimated tax due.
  • January 31 – Businesses must furnish W-2s to employees. 1099 statements need to be furnished to subcontractors for payments over $600. W2 and 1099 forms       need to be filed with the appropriate government agency.
  • January 31 – Fourth quarter 2016 payroll tax returns due.
  • March 15 – S-corporation and partnership income tax returns due unless extension is filed.
  • April 1 – Businesses with assets over $25,000 and new businesses must file a Tangible Personal Property Tax Return with their county.
  • April 18 – Individual and corporation tax returns due unless extension is filed.
  • April 18 – Final deadline for making 2016 IRA and HSA contributions.
  • April 18 – First installment of 2017 individual estimated tax due.
  • May 1 – First quarter 2017 payroll tax returns due.
  • May 1 – Corporate renewals must be filed with state. Renewal notices will be sent via email in January. A $450 penalty is imposed for late file.
  • June 15 – Second installment of 2017 estimated tax due.
  • July 31 – Second quarter 2017 payroll tax returns due.
  • August 15 – Partnership tax returns under extension due.
  • September 15 – Third installment of 2017 individual estimated tax due.
  • September 15 – Corporation/S-Corporation tax returns under extension due. A penalty is imposed for late filing.
  • October 17 – Final deadline to file 2016 personal income tax returns.
  • October 31 – Third quarter 2017 payroll tax returns due.

•Business auto mileage deduction for 2016 is 54¢ per mile. It has decreased to 53.5¢ for 2017. A log needs to be kept detailing the mileage & purpose of each trip.

•The traditional and ROTH IRA contribution limit for 2016 and 2017 is $5,500. Those over 50 may contribute an additional $1,000.

• For those with an HSA, the 2016 contribution limit for an individual is $3,350 and $6,750 for a family. In 2017 it increases to $3,400 for individuals and is unchanged for families. Those over 50 may contribute an additional $1,000.

•Charitable contributions will not be deductible unless a written record is kept. This may be a dated bank record, receipt or written communication from the charity. Donations to Politicians/Political Parties/PACs and similar organizations are not deductible.

•Credits are available for postsecondary education.

•There will be penalties for those who do not have Minimum Essential Health Coverage.